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Council considers Community Reinvestment Area abatement for West First Street renovations
Summary
Council reviewed a proposed CRA agreement to abate taxes on improvements at 36–42 West First Street for up to 15 years; the council voted to suspend the three-reading rule to allow faster consideration and took an initial roll call.
City council members discussed an ordinance to authorize a Community Reinvestment Area (CRA) agreement for properties at 36 to 42 West First Street that would abate a portion of property taxes on improvements for up to 15 years.
Why it matters: CRA agreements are used to incentivize building rehabilitation and redevelopment by temporarily reducing property tax obligations on…
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